Demand for cheap shares cools

Volumes reduced 16 per cent to 24.9 million shares on Ho Chi Minh Stock Exchange (HoSE), with values hitting VND647 billion ($31.3 million). Put-through volumes made up a large part of three million shares worth VND233.7 billion ($11.3 million).

Saigon Securities Inc. (SSI) was the most active with just one million shares traded, while other stocks saw just modest volumes changing hands.

Major stocks largely fell, led by Vincom Corp (VIC) hitting the floor and Bao Viet Holdings (BVH) shedding.

Blue-chips Masan Group (MSN), SSI, Sacombank (STB) and Vinamilk (VNM) all ended flat.

Of the same trend, Tan Tao Investment Industry (ITA), Refrigeration Electrical Engineering (REE), Sacom Development and Investment (SAM) and Thuan Thao Corp (GTT) were unchanged.

A number of penny and mid-cap stocks sharply jumped, among them Dream House Investment Corp. (DRH), Danang Rubber Corp. (DRC), Development Investment Construction (DIG) and PetroVietnam General Services Corp (PET).

Some 126 stocks declined on the HoSE, 80gained and 69 unchanged. The benchmark VN-Index lost 3.11 points or 0.7 per cent to 439.63 points.

The Hanoi Stock Exchange (HNX) also shed 0.64 points or 0.83 per cent to 76.41 points. Liquidity tumbled to 38.2 million shares worth VND468.6 billion ($22.6 million).

Securities company shares like Kim Long Securities (KLS), Bao Viet Securities (BVS) and VnDirect Securities (VND) slightly gained. PetroVietnam Construction (PVX) and PetroVietnam Power Land (PVL) significantly fell. Other major stocks were largely unchanged.

KLS remained active with more than 6.7 million shares traded, followed by VND and PVX with more than three million shares each changing hands.

Some 122 stocks advanced, 131 eased back and the remainders unchanged in the northern bourse.